Even after the entire Hindenburg affair, The Employees' Provident Fund Organisation (EPFO) kept investing in two Adani equities. Unless the organisation changes its investment strategy at this week's meeting, EPFO will continue to invest in Adani Ports and Adani Enterprises through at least the end of September.
The EPFO, which is responsible for managing the retirement plans of 27.73 million employees in the formal sector, invests 15% of its total assets in exchange-traded funds (ETFs) linked to the NSE Nifty 50 and the BSE Sensex.
EPFO had invested Rs 1.57 lakh crore in ETFs as of March 2022, and further Rs 8,000 crore in FY23.
The report is released as EPFO starts off a two-day conference to talk about increased salary-linked pensions, interest rates for FY23, and yearly financial projections.
With the collapse of the Adani Group's stocks, experts urged EPFO to be more transparent. However, EPFO trustees told the news outlet that although they were not aware of the fund's exposure to Adani stock, it might be brought up for debate during the two-day meeting.
Congress reacted to the report and questioned the trustees lack of information. “Our HAHK-Hum Adanike Hai Kaun-series had posed 100 questions to the PM on his role in the Adani MahaMegaScam. But it seems new questions are arising. The EPFO Trustees are unaware that crores of their members’ retirement savings are still being invested in 2 Adani firms,” said Congress MP Jairam Ramesh.